Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

NZD/CHF rising inside minor (b)-wave

  • NZD/CHF rising inside minor (b)-wave
  • Next buy target - 0.7220

NZD/CHF continues to rise inside the (b)-wave of the minor ABC correction (iv) – which started earlier when the pair reversed down from the major resistance level 0.7220. The active (b)-wave started when NZD/CHF reversed up recently from the support zone lying at the intersection of the support level 0.7070 and the support trendline of the daily up channel from the start of May (as can be seen from the daily NZD/CHF chart below).

NZD/CHF is expected to rise further in the active (b)-wave in the direction of the next buy target at the aforementioned resistance level 0.7220. The pair is likely to correct down after reaching this resistance level.

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